NEW YORK (CNN/Money) - Sales of existing homes in the United States rose for the third consecutive month in April, an industry group reported Tuesday, coming in slightly ahead of economists' estimates even as mortgage rates climb.

Existing-home sales increased 2.5 percent in April to a seasonally adjusted annual rate of 6.64 million units from a level of 6.48 million units in March, according to the National Association of Realtors.

Wall Street expected sales of 6.45 million homes in April, according to Briefing.com.

Last month's sales activity was 15.1 percent above the 5.77-million unit pace in April 2003 and was just 0.6 percent shy of the all-time high of 6.68 million posted in September of last year, the group reported.

"Part of what we're seeing now is 'fence-jumping' from people wanting to buy a home before interest rates move higher," said David Lereah, NAR's chief economist. "Even with an additional rise in recent weeks, the good news is that mortgage interest rates now appear to be leveling out in the 6.3 percent range."

With signs of inflation creeping back into the economy, Treasury yields, which set mortgage rates, have jumped in anticipation of an interest rate hike.

The national median for home prices was $176,000 in April, up 7.3 percent from a year earlier, and inventory rose 9.4 percent to 2.6 million homes.